I'll guess i'll chime in with my experience as a 28 year old "millenial". I feel that our generation has it stacked against us. I graduated in 2007 w/ a computer engineering degree right before the economic downturn and found a great job. my company straight up stopped hiring new hires after 2008, and i've been the " new guy" in my department until last year. some friends and classmtes who have decent majors were able to find good jobs too, however i also have friends who are severely unemployed, like graduated with a mechanical engineering degree and is now working at a call center. another mech e friend was unemployed for 2 years before finding something decent.
I feel like if i had to go job hunting today i'd have a tough time, my skillset and job experience is now specific to my industry, and as someone else mentioned in this thread, employers now want to hire someone who's ready for the job at hand, and unwilling to work with someone who's willing to learn on the job. personally i'm trying to stay as relevant as possible by trying to learn new things, getting a CCNA cert, etc, just in case if I had to go job hunting tomorrow.
As for previous generations and society in general, I feel like our parents generation (the boom generation) won the lottery. the majority of their jobs had pensions, great benefits, etc. now my company no longer offers pensions or any of the other perks that some 30 yr old vets have around here. Things just cost a shit ton more nowadays, and the economics are different.
I think most importantly houses were affordable. a house that cost around $150-200K in the year 2000 is now $350-400 in my area. Even after the housing market crash, it's nearly impossible for people my age to afford a house in my area, the prices are completely nuts still. i know alot of people my age moving out to the boonies and spend an hour commuting to the suburbs to work. my parents were fresh off the boat from the war, barely made above minimum wage in the 70's and were able to buy a house in a very nice middle class neighborhood within the first 6 years of living in the US, while raising 2 kids. Does anyone reasonably think that can happen today? my wife and I barely could afford our townhouse in the town we live in, and we make way more than minimum wage!
My non-economist theory is this, back during the boomer days, the norm was a working dad, and stay at home mom, one bread winner. things back then were designed so that a one income family could afford a nice middle class life. as the years progressed with inflation, our society adjusted to having two bread winners, essentially doubling the cost of everything, so that to have a nice middle class life one person either has to have an extremely high paying job $150K+ or both have to be working.
so there's just my humble opinion and observation of what's been going on around me as a millenial, not sure how off the mark i am.
I cant really speak any more towards work ethic, because my wife and I bust our asses, and there really arent that many other millenials that are younger than me at my company that I work day in and day out with. I think that it varies by person, but I will admit that the distraction of smartphones and internet is definitely an impact on some people's work ethic.